Posted on May 25, 2020

The Mortgage Bureau

Purchase activity overtakes remortgages for first time since lockdown.

Purchase mortgages comprised 50.11% of all searches, compared to 49.89% for remortgage, according to figures from Twenty7Tec.

Over the whole of last week, purchase searches represented 43.06% of all searches, up significantly from recent lows of 24.5%.

The figures show that purchase mortgage searches have almost doubled over the past four weeks – up 96.33% - but remain half of their pre-lockdown highs.

James Tucker, CEO of Twenty7Tec, commented: “Yesterday we reached parity. For the first time since lockdown began, searches for purchase mortgages overtook searches for remortgages. Over the long term, we’d expect that ratio to be 55:45. It’s a long way from the 20:80 we were experiencing at the lowest ebb just five weeks ago.

“We’re starting to see more interest in products, including those using the Help To Buy scheme. As confidence returns to the market, it’ll be matched by increased diversity in lenders product ranges. In the figures we share with brokers and lenders every day, it’s clear to see that there’s a lot of demand by first-time buyers at the 85%+ LTV range.

The Mortgage Bureau remains in lockdown with all offices closed but is open for business on the phone or via video conferencing. Call 01223 656412 or visit https://www.themortgagebureau.co.uk/location/cambridge/ to arrange a consultation.

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